Quote from: TookDk on January 25, 2014, 01:45:52 PM

Quote from: Maddin on January 25, 2014, 01:22:41 PM

Quote from: TookDk on January 19, 2014, 01:38:21 AM

Quote from: Maddin on January 15, 2014, 12:11:05 PM

I know that mining is not profitable at all due to rising difficulty caused by "mining-noobs", losing a lot of their money.

If the block reward exceed the cost in electricity and roi is impossible then will some miners (with lower hashrate = lower probability to find the block) shut down, and then will the difficulty go down, and then will roi be possible for others. The system will self-adjust to a level where there is a profit for the miners.

You won't see this happen in the next few years. Because most miners dont think rational like that. They think like: Bitcoin is going to rise in value, so it makes sense to mine. But they don't see that their revenue would be significantly higher by a direct investment in btc.

I think you are underestimating the intelligence levels of miners... Sure you can find single cases that support your statement, but the majority of the network is commercial now.

I am sure there are irrational miners out there, but I don't most miners are irrational.
However, I am quite sure it is not just a few single cases.

For example, if you take a look at cex.io, you will find people buying 1 GH/s mining contract for 0.043+ btc.
And, the GH/s price is pretty stable even after the difficulty readjustment.